Cryptocurrency trading is a way to earn money from the crypto market volatility by buying and selling assets at different prices. Like with any other assets or commodities, the crucial thing here is to understand the principle of the market’s work and the pillars that are the basis for price formation. Some factors to consider:
- The crypto market is still emerging, so it is susceptible to the news background.
- The main drivers of crypto prices are the relationships between demand and supply.
- Large investors sometimes create pumps and dumps, buying or selling coins massively to push their prices up or down.
- Successful trading requires adhering to a strategy.
- Diversification is the key to success.
The most traded crypto assets in 2023 (with a crypto price list):
- Bitcoin ($21,219)
- Ethereum ($1,575)
- Tether ($1)
- BNB ($300)
- XRP ($0.388)
Why is XRP on the list when it has such a low rate? XRP is the Ripple token with a market cap of over $19 billion. The Ripple ledger provides instant and cheap currency transfers worldwide and is aimed at facilitating the work of financial institutions like banks.
Over 100 corporations worldwide have already integrated Ripple technology into their work processes. Important to note that the platform has all the chances to rival the popular SWIFT system used by banks. The reasons are:
- Much lower fees;
- No middlemen;
- High speed of transactions.
The XRP Ripple price did not grow because the project’s court case with the SEC suited Ripple, demanding the XRP token to be acknowledged as security. It does not let Ripple develop fully and pulls its price down. However, as soon as the legislative proceedings are over, it is likely that XRP will skyrocket.
Spot Trading Crypto
You may buy XRP and hold it long term, using the spot market. That means you pay for the coin and receive it immediately in your account. Use reliable platforms, for example, WhiteBIT – the biggest exchange in Europe with official registration and license. The platform is highly secure and offers advanced trading instruments for users.